I think the marketing around "date the rate" is just bleed-over from the US and applies less to Canada in general. In the US, most mortgages are truly "fixed-rate" in that once you get your rate it never ever changes for the entire life of the loan. And so even if you buy when rates are high, a refi once rates come down will lock you in essentially for life. (Done this myself a few times now) So even if you are paying on a super-high mortgage for a few years, if/when mortgages come down, you refi and you are completely done chasing the best rates. Whereas in Canada, afaik, rates reset every I think 5 years or so, which forces people to endlessly fret about rate-chasing.
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Keep up the great content. Looking to buy in edmonton as soon as possible, you’re videos have been very informative :)
I think the marketing around "date the rate" is just bleed-over from the US and applies less to Canada in general. In the US, most mortgages are truly "fixed-rate" in that once you get your rate it never ever changes for the entire life of the loan. And so even if you buy when rates are high, a refi once rates come down will lock you in essentially for life. (Done this myself a few times now) So even if you are paying on a super-high mortgage for a few years, if/when mortgages come down, you refi and you are completely done chasing the best rates. Whereas in Canada, afaik, rates reset every I think 5 years or so, which forces people to endlessly fret about rate-chasing.